Ackman talks Herbalife, JC Penny in latest investor letter

Activist hedge fund manager Bill Ackman may be $300 million in the hole on his Herbalife short bet, but he's standing by it according to his most recent investor letter. Ackman has been in the news lately over both Herbalife and JC Penny, but his conviction remains strong.

ValueWalk has posted the full text of the letter, which covers a broad range of topics. Notably, on his Herbalife bet, he has this to say - "There have been a number of positive developments that should increase the probability of an FTC investigation including members of Congress and other members of state and local government and consumer advocates publicly urging the FTC to investigate Herbalife through the public release of letters to the FTC Chairwoman as well as private meetings with the FTC’s staff that have been reported in the press."

He further writes that the new rules instituted by Herbalife management to prohibit new lead generation and discourage the use of loans, merely give the appearance that the company is working to curb some of its questionable practices. "We view the Company’s rule changes as a tacit admission that past practices have been improper," he writes.

John Peterson, top salesman at Herbalife died from an apparent suicide at the end of last week, according to a ......................